DGAP-News: SiC Processing GmbH: Extraordinary shareholders' meeting on loss of half of the company's equity
(firmenpresse) - DGAP-News: SiC Processing GmbH / Key word(s): Private Equity
SiC Processing GmbH: Extraordinary shareholders' meeting on loss of
half of the company's equity
17.01.2013 / 17:45
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Quasi-ad hoc-Announcement
of
SiC Processing GmbH,
Hirschau
(ISIN DE000A1H3HQ1)
Extraordinary shareholders' meeting on
loss of half of the company's equity
Hirschau, January 17, 2013 - The management of SiC Processing GmbH has
decided today to call for an extraordinary shareholders' meeting, scheduled
for 24 January 2013 pursuant to section 49 (3) of the German Act on Limited
Liability Companies in order to inform all shareholders about the loss of
more than half of the company's equity.
After the filing for approval of protective shield proceedings on 18
December 2012 and assessment of the critical developments in the solar
industry, its impact on the company and its customer base, the management
of SiC Processing GmbH undertook necessary devaluations of its assets. As a
consequence, the company has now booked substantial preliminary impairments
on its investments in subsidiaries of close to EUR 100m, which is still
subject to audit. The preliminary impairments made result in the loss of
more than half of the company's equity leading to a status of negative
equity of approx. EUR -90m (taking into account a deduction of loss
transfer of SiC Processing (Deutschland) GmbH in the amount of approx. EUR
-10m). Therefore and in compliance with section 49 (3) of the German Act on
Limited Liability Companies, the management has called today for an
extraordinary shareholders' meeting, scheduled for 24 January 2013 in order
to inform all shareholders accordingly.
Register on our Website under
http://www.sic-processing.com/index.php/Newsletter.html
to receive the latest announcement of SiC Processing Group automatically
About SiC Processing GmbH:
SiC Processing GmbH is the leader for recycling of slurry from water sawing
processes of PV and semiconductor industries. The SiC Processing group has
established itself in a timeframe of only eleven years as global leader for
the recycling of slurry. The production sites are located in Germany, China
and the US. In Italy, SiC Processing runs a sales agency, while the site in
Norway was shut down mid of 2012 following bankruptcy of the Norwegian
customer. To date, the group employs 705 employees. Beside the majority
shareholder Nordic Capital Fund VII, the founder family has a shareholding
of 25 per cent in the Company. You can find more information at
www.sic-processing.com.
Press Contact:
Markus Kreuzer
Head of Marketing and Communications
Telephone: 0049 (0) 9622 - 70 39 273
E-Mail: markus.kreuzer(at)sic-processing.de
N.B. The text in English is a courtesy translation from German only. In the
event of any discrepancies between the two, the German original text shall
prevail.
End of financial news
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Datum: 17.01.2013 - 17:45 Uhr
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